Wednesday, July 15, 2009


Let's go through the SPX again. This time, today has a huge significance. Today is the day where the market either breaks away from the descending channel, or fades immediately, thus continuing the steady downward price action.

Currently, the SPX futures indicate that we will open at around 916-918. This is enough for a break away gap up right at the open. The first 5 minutes are critical.

915 is the KEY resistance area as noted above. 905 has become KEY support. Therefore, in the case where we are unable to BTFO, then 905-915 is your area of operations.

In the case where we do get enough power to sustain above 915, the major consolation resistance area is between 922-928.

1 comment:

Bob said...

would you look at LVS?